A structure affiliated with Sheikh Tahnoon bin Zayed Al Nahyan has consolidated 49% of the capital in WLTC Holdings, a special holding company created by World Liberty Financial (WLFI) to develop its banking arm. Meanwhile, 38% remains with a structure linked to the family of U.S. President Donald Trump. This is direct confirmation that Middle Eastern capital plays a key role in the financial expansion of the crypto project.
Corporate structure details
The stake of the Emirati investors is formalized through StringZ Holding RSC, registered in Abu Dhabi in April 2025 and slightly later in Delaware. Behind this company are Tahnoon and his partners. It is worth recalling that the Sheikh serves as National Security Advisor of the UAE and is the brother of the country's president. Earlier, in February, another related structure — Aryam Investment 1 — had already invested $500 million directly into WLFI, receiving the same 49%.
Notably, during the application review, the U.S. Office of the Comptroller of the Currency (OCC) required three major shareholders, including StringZ Holding and the Trump family structure, to sign passive ownership agreements. This is a commitment not to interfere in the bank's management or seek control. Such conditions are rare for the issuance of banking licenses, underscoring the sensitivity of the deal.
Banking license and the role of USD1
The OCC preliminarily approved WLFI's application to launch a national trust bank back in August. The new institution is expected to take over the issuance, redemption, and custody of the USD1 stablecoin, as well as provide custodial services for crypto assets. Currently, these functions are performed by BitGo, but after the regulator's final approval, World Liberty will be able to move operations to its own bank. USD1's market capitalization at the time of analysis stands at $4.08 billion.
Political backdrop and investor losses
The connection to the UAE has already raised questions among Democrats in Congress. Senator Elizabeth Warren demanded that the OCC head disclose details of Tahnoon's involvement, while a group of 40 lawmakers pointed to national security risks. The OCC, however, stated that the application was reviewed by regular staff with the involvement of ethics experts.
Special attention deserves the Public Citizen report: total investor losses in Trump-linked crypto projects are estimated at a minimum of $4.7 billion. The main blow fell on the TRUMP meme coin — about $3.2 billion in unrealized losses. The WLFI token brought another $1 billion in losses, and Trump Media's treasury — $450 million. At the same time, the president himself declared at least $1.4 billion in income from crypto projects for 2025.
My analysis: The situation demonstrates a classic conflict of interest at the intersection of politics and digital assets. Attracting UAE sovereign capital into a banking structure controlled by the sitting president's family is an unprecedented precedent. Even with the passive ownership agreements in place, the market will closely watch how the OCC ensures the independence of the future bank. In the long term, this could become a serious test of the maturity of American crypto regulation.